Phil's Tax Hacks

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll continue our deep dive with part two focused on the inherited account side of thing...

Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one.  ...

We’re going to have a tough conversation about retirement and divorce on today’s episode. How does this difficult decision impact your retirement financially?   Join us on today’s episode as we break down these major topics: Why is working with a financial advisor essential during a divorce? (6:10) You don’t want to ignore tax implications of breaking up retirement accounts. (7:04) Rolling a spous...

Are you ready for a pop quiz? Today we’re going to do a retirement planning pop quiz. Can you ace these questions?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:24 – At what age should people start saving for retirement? 4:14 – How much do you need for income in retirement? 9:25 – Which do retirees fear the most? 11:17 – What best represents a...

We are opening up the mailbag today to answer various questions from listeners and clients. We’ll explore the average rate of return, blue-chip stocks, TSP investments, and much more on today’s show.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:29 – What rate of return should I be getting? 5:02 – Should I move out of blue-chip stocks? 8:22 –...

What do pre-retirees and retirees need to know about surviving this bear market and a possible recession? On today’s episode, we’ll explore some expert advice on surviving a bear market and whether we agree or disagree with these opinions.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:33 – Value stocks over growth stocks  5:23 – The bear marke...

A recent article in The Hill paints the EARN Act (Enhancing American Retirement Now), the Senate’s version of the House’s Secure Act 2.0 bill, in a negative light as primarily a tool to give a tax break to rich Americans in a way that ultimately adds to the national deficit and only circumvents problems instead of solving them. We’ll break down the article on today’s episode and share our opinion...

With the volatility in the market many of us are looking to start working with an advisor. What should we keep an eye out for when shopping around for an advisor? What red flags do we need to be aware of?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  2:09 – Spotting red flags 2:44 – Works with everyone 6:25 – Good news and certainty 10:35 – Too...

Do you take a lot of risk or are you a conservative investor? On today’s episode, we’ll explore why risk tolerance matters and how understanding our own risk tolerance level can protect our assets and future.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  0:25 – The current stock market 2:20 – Increasing inflation and retirement 3:56 – Do most pe...

Let’s continue our conversation on financial debates today. From deferring taxes to using credit cards, what is your opinion on these common financial debates?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  2:45 – Defer or don’t defer taxes 10:24 – You should never use credit cards 15:53 – Mutual funds or individual stocks 25:03 – Start Social Se...

Should you pay the house off before retirement? Do you need to keep your life insurance once retired? Do annuities deserve their bad reputation? On today’s episode, we’ll break down some famous financial debates and how each side approaches these topics. Who do you agree with?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:05 – To pay off the h...

We are breaking down some retirement statistics on today’s episode. Are these numbers encouraging or discouraging?   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:29 – Women have less saved than men 7:00 - You need $1.04 million to retire 9:29 – 55% of workers plan to continue to work 10:47 - 25% of Americans increased their savings 13:46 – 70 m...

So, what really is the secret to retirement success? While it may be harsh, the reality is we are often our own worst enemy when it comes to planning. On today’s episode, we are going to discuss how we, as investors, can get out of our own way in order to have a successful retirement.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  1:09 – We aren’...

As you count down to the days of retirement there are some important things, you’ll want to cross off your to-do list. On today’s episode, we’re going to break down some of the things you’ll want to get done before this next chapter of life.   Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA   Key points:  0:38 – Counting down the days 1:28 – Getting healthy and st...

It’s a question more and more people are asking, especially as the workplace continues to change following the pandemic. But are you in a position to step away from a consistent paycheck at age 55? Phil will provide a great look at the reality of early retirement in today’s environment and apply some real-world examples to the discussion.     Watch the video podcast:  https://youtu.be/cuahFzcAFlw...

The idea of a podcast on life insurance might not sound like the most exciting topic, but we’re going to put a positive spin on it today and tell you why you should get it. Or at the least, consider adding it to your portfolio. Life insurance can serve many different purposes for financial needs and we’ll share a few you might not have thought of on this episode.   Watch the video podcast: https:/...

Birthdays might not be as exciting as they once were, but they are still important. On today’s episode, we are going to break down some retirement birthday milestones you need to be aware of when planning for the future.   TIMESTAMPS:  0:23 – Wonky weather! 1:21 – Age 50 3:42 – Age 55 5:47 – Age 59 ½ 6:50 – Age 62 9:06 – Age 65 12:44 – Age 66 or 67 14:42 – Age 70 15:49 – Age 72   ADDITIONAL INFORM...

Let’s talk about the house today! We are going to explore some common retiree questions we get about housing. Should you downsize? Should you use equity as an emergency fund? Find out on today's show.   TIMESTAMPS:  0:44 – Do we get questions about housing? 1:41 – Should you pay off the house? 4:49 – Should you downsize? 8:17 – Should you pull out equity? 11:10 – Signing the house over to the kids...

Let’s continue our conversation on financial jargon today. We’ll dive into the different designations and licenses you may see when shopping around for a financial advisor. What do they all mean?   TIMESTAMPS:  0:52 – Having proper qualifications 2:22 – RIA or IAR 3:35 – The C’s  5:35 – Series license 11:49 – Education  15:30 – Do your homework   ADDITIONAL INFORMATION: https://philstaxhacks.com/

There is a lot of financial jargon out there that can be confusing when you are trying to plan for retirement. So, on today’s episode, we’ll explore a variety of different terms and definitions and how they apply to the financial planning process.   TIMESTAMPS:  0:41 – We don’t lack jargon 1:28 – Bear or bull 4:02 – Inflation   6:50 – Recession 10:42 – Volatility 12:09 – Risk tolerance 14:31 – 60-...

When it comes to our money there are several ways, we tend to get greedy. So on today’s episode, we are going to discuss how to recognize the voice of greed and how we can fight against it.   TIMESTAMPS:  0:15 – Voice of greed 2:07 – Being aggressive 5:57 – Following what you hear 7:15 – Keeping up with the Joneses 10:05 – Emergency fund in the bank 12:48 – Doing it yourself   ADDITIONAL INFORMATI...

What could go wrong if you end up guessing when planning for retirement? Today, we explore some areas in retirement planning you don’t want to guess at.   TIMESTAMPS:  0:38 – Guessing in these times 2:44 – Inflation 8:56 – Income 13:10 – Big purchases 16:25 – Health care costs   ADDITIONAL INFORMATION: https://philstaxhacks.com/

What are most Americans confused about when it comes to retirement planning? On today's episode, we discuss 3 murky issues that may be making retirement planning harder for you. USA Today Article: Retirement planning: These 3 issues are making it extra hard right now (usatoday.com)   TIMESTAMPS:  1:22 – USA Today Article 2:37 – Confused about income growth 8:14 – How much Social Security will prov...

The current state of the market and the rate of inflation may be making you nervous. How do we expect current events to impact your retirement plan and what can we do to protect our financial future?   TIMESTAMPS:  0:38 – It’s tax time! 1:01 – Russia’s impact on the market 3:36 – The energy conversation 4:48 – DOW has fallen 1,000 points 7:23 – Inflation is also overdue 12:20 – What defines a bear...

The most important part of retirement planning is going to look different for everyone. On today’s show, we discuss some expert claims about the most important part of planning and whether Phil agrees or disagrees.    TIMESTAMPS:  1:00 – The most important part to you 2:14 – Deciding what to do with your time 3:57 – The best time to start saving is now  5:19 – How much income do you need? 6:53 – H...